Scotsman Guide > Commercial > Directories > July 2019

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Done Deals: July 2019

 

The following closed deals are advertised in this month issue of Scotsman Guide Commercial Edition.

Past Done Deals are in the archives. browse archives


<< Continued

SCOTSMAN GUIDE LEAD
Seattle Funding Group Ltd.
Bellevue, WA
Contact: John Odegard  |  (425) 455-1733  |  info@sfgfunds.com
Property Photo   Property: Town Homes
Purpose: Construction
Loan Amount: $3,500,000
Location: Kenmore, WA
Date Funded: May 2019

This subject property was 90% complete and eventually listed within 90 days of the loan closing. The borrower needed funds in order to pay back an equity partner who was in need of funds for an apartment building acquisition. The loan closed in a week and we made a new fan for the next project.

Sharestates
Great Neck, NY
Contact: Michael Ramin  |  (212) 201-0750  |  michael@sharestates.com
Property Photo   Property: Residential
Purpose: Purchase
Loan Amount: $2,700,000
Location: New Canaan, CT
Date Funded: January 2019

The borrower is acquiring property and plans to reposition and/or convert project. The property will be leased out after conversion is completed. The borrower will refinance the property with traditional sources after completion and occupancy.

South End Capital Corp.
Norwalk, CT
Contact: Matt Naughton |  (617) 334-7703  |  matt@southendcapital.com
Property Photo   Property: Gas Station & C-Store
Purpose: Cash-Out Second
Loan Amount: $230,000
Location: Cathedral City, CA
Date Funded: May 2019
Broker Fee: $1,150

Via our Subprime SBA Program, we provided $230,000 of working capital to this gas station/cstore business that did not own its location. A 2nd lien was filed on the business and residential property to secure this loan. The loan was amortized over 10 years, carried a rate of 8.25% and no prepay penalty.



 

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